Fidelity National Buys Sanchez Computer
Fidelity National Financial here, a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, and Malvern, Pa.-based Sanchez Computer Associates, a company that develops and markets scalable and integrated software and services that provide banking, customer integration, outsourcing and wealth management solutions to about 400 financial institutions in 22 countries, have signed a merger agreement pursuant to which FNF will acquire Sanchez.
In a prepared statement, FNF chairman and chief executive officer William P. Foley II said that this acquisition "underscores FNF's commitment to provide the marketplace with another alternative that moves financial institutions from legacy to future-state, real-time platforms. Sanchez's management team and technology assets will play a key role in our ongoing focus on modernizing our core banking technologies while mitigating the risk our customers face with the underlying business transformation."
Under the terms of the merger agreement, Sanchez will become a subsidiary of Fidelity Information Services Inc., which is a subsidiary of FNF. Total consideration for each share of Sanchez common stock will be $6.50, composed of $3.25 in
cash and $3.25 in FNF stock. The FNF stock consideration will be calculated using a trailing 20-day average calculated two days prior to closing.
Copyright 2004 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.mortgageservicingnews.com